Foundation Home Loans unveils BTL criteria changes

Foundation Home Loans has announced a series of criteria enhancements across its BTL product range.

The intermediary-only specialist lender revealed it is widening the products available to first-time landlords looking to finance standard properties, as well as for clients with two, three or four missed revolving credit payments in the last two years.

Foundation said the changes have been designed to provide more flexibility to landlord clients, which includes their ability to assess missed payments on credit cards alongside simple communication blips and other revolving credit.

The lender has also made several rate reductions across its BTL range, with five-year fixed rates now priced from 2.89%.

Furthermore, Foundation announced its remortgage specials have had their £125 fee waived – in addition to retaining the free valuation, and £250 cashback. End dates have also been rolled on to 30 April of their respective year, which the lender suggests will offer added value.

Foundation director of marketing, Jeff Knight, said: “We have seen significant growth across our BTL range in 2019, particularly in terms of servicing portfolio landlords and developing our limited company offering.

“We recently enhanced our residential criteria and are now doing the same for BTL to ensure we continue to provide more solutions to more intermediaries in 2020.”

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